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Technology Predictions for 2019

Posted by Anna Mielczarek on 13-Dec-2018 07:30:00

Nowadays, technology is evolving at such a rapid pace that it is hard to make any predictions as they may be already becoming a reality at this very moment. However, as the end of the year is approaching we can’t help but to find ourselves trying to forecast how new technologies will impact our lives, both on a personal and a business level. 

Although, there’s no doubt that emerging technologies will change the way we behave and interact with other people, for now let’s focus on the business side and how technology will influence organisations.

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Topics: Digital Transformation, Emerging Trends, Emerging Technology, Predictions, AR and VR

How Banks Can Ace Customer Experience In The Digital Age

Posted by Anna Mielczarek on 06-Dec-2018 07:30:00

Meeting demands and expectations of digital customers is not easy at all, in fact it seems that for many organisations, attracting and retaining customers by utilisng emerging technologies might be their greatest struggle. According to Gartner, 89% of companies will mostly compete on the basis of customer experience they provide, and financial institutions are no exception. Especially when we realise how easy it is to switch between banks thanks to the emergence of challenger banks which can provide their customers with paperless and seamless digital experience.

So, what is an outstanding digital banking experience that can help banks win over new customers, but at the same time keep the existing ones?

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Topics: Digital Transformation, Finance, Emerging Technology, Customer Experience

Digital Transformation Spending to Approach $2 Trillion by 2022

Posted by Anna Mielczarek on 04-Dec-2018 07:30:00

According to the International Data Corporation’s (IDC’s) Worldwide Semi-annual Digital Transformation Spending Guide, global spending on the technologies and services behind Digital Transformation (DX) business practices, products, and organisations is forecast to reach US$1.97 trillion (around £1.54 trillion) in 2022!

Digital Transformation spending is expected to steadily expand throughout the 2017-2022 forecast period, achieving a five-year compound annual growth rate of 16.7%.

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Topics: Digital Transformation, Finance, retail, transport, AI

Finance Leaders No Longer View Digital Change as The Top Priority

Posted by Anna Mielczarek on 29-Nov-2018 07:30:00

It might seem that Digital Transformation has become the top priority for a great majority of today’s businesses. Factors such as emerging technologies; increasing demands of the customers regarding their relationship and experience delivered by companies; pressure to change and innovate, and enterprise mobility have an enormous influence on how modern companies operate these days.

And when we hear how Digital Transformation can benefit our firms, whether it is improving and transforming customer experience, encouraging collaboration between departments, updating skillset and knowledge, or fostering a digital culture – it comes as no surprise that businesses not only need to, but also want to change.

But is it the truth? Well, not entirely; especially when it comes to finance leaders.

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Topics: Digital Transformation, Leadership, Emerging Technology, Finance

Why Employee Engagement Will Help You Succeed at Digital Transformation

Posted by Anna Mielczarek on 27-Nov-2018 07:30:00

Usually, when talking about Digital Transformation, technology is the main focus of the discussion. Sometimes we mention the corporate culture which should encourage and promote experimentation and 'fail fast' approach. Rarely do we talk about employee engagement and experience, and how it can impact our efforts during digital journey.

Remember, Digital Transformation is not a technology problem – it is a people problem, and in order to address it properly you need to take care of your employees.  Employers have no choice but to improve the employee experience around the ongoing change within the company, especially if they want to avoid failure, which in some cases can greatly damage their business.

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Topics: Digital Transformation, People, Collaboration, Engagement, Success

6 Digital Projects That Are Real Game-changers

Posted by Anna Mielczarek on 22-Nov-2018 07:30:00

Digital Transformation can help companies improve and transform customer experience, encourage collaboration between departments, update skillset and knowledge, and foster a digital culture. But what is a common factor of these benefits? Well, they all focus on the business. However, apart from impacting business, Digital Transformation can also benefit people and communities.

Here, we can talk about Tech for Good initiatives.

Essentially, Tech for Good is a community of people, projects, organisations and funders promoting the role of technology to improve social, environmental and economic outcomes. (Nissa Ramsay, Consultant at Think Social Tech and former Comic Relief Tech for Good Evaluation Lead)

Tech for Good is a digital technology that aims to solve the world’s problems or simply bring joy and hope to people.

So, what are the most interesting Digital Projects, which do that? Let’s find out.

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Topics: Emerging Technology, Digital Transformation, Emerging Trends, People, Tech for Good

Cybersecurity: The Greatest Challenge for The Financial Sector?

Posted by Anna Mielczarek on 20-Nov-2018 07:30:00

Cybersecurity has always been a concern for banks and financial institutions. As data becomes more relevant and in most cases crucial to the core business activities, cybersecurity has quickly evolved into a great challenge to plethora of organisations. And these organisations have every right to worry but, it is the financial sector that should make cybersecurity awareness its top priority.

According to 2018 half year fraud update by UK Finance, which represents almost 300 UK-based, banking, mortgage, markets and payments services providers, financial services firms have been facing an unprecedented level of cyberattacks in recent months. UK Finance distinguishes and publishes data on losses due to few different kinds of fraud, these are: unauthorised fraudulent transactions made using payment cards, online and telephone banking and cheques, and authorised push payment (APP) scams. 

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Topics: Emerging Technology, Challenges, Finance, Digital Transformation, Disruption and Change

Lloyds Bank Invests in New Digital Banking Platform

Posted by Anna Mielczarek on 13-Nov-2018 07:30:00

On Tuesday, the 6th of November Lloyds Banking Group announced that it had invested in a FinTech company as a part of digital shake-up aimed at enhancing the bank’s digital presence.

A £3bn transformation and technology investment programme includes the investment of £11m for a 10 % stake in cloud-based core banking start-up Thought Machine, which focuses on building technology to revolutionise current online banking system.

Thought Machine’s core product, Vault is able to run any type of banking product. It aims to simplify outdated online systems while providing customers with maximum security and reliability.

However, that’s not all – Lloyds Bank plans to cut 6,240 jobs whilecreating 8,240 new digital positions as part of its huge shift towards Digital Transformation.

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Topics: Digital Transformation, Challenges, Change and Innovation, Finance

7 Barriers to Digital Transformation

Posted by Anna Mielczarek on 08-Nov-2018 07:30:00

Every business today is undergoing some kind of transformation. Emerging technologies; increasing demands of the customers regarding their relationship and experience delivered by companies; pressure to change and innovate, enterprise mobility – all these factors make firms realise that they cannot carry on for much longer without implementing Digital Transformation into their business, and changing their operating models.

But of course, just like any other change or transformation, even when necessary, implementing Digital Transformation enterprises will face certain challenges and barriers in their digital efforts.

From a plethora of potential barriers to Digital Transformation, whether small or big, we’ve chosen the top 7 you should definitely know about.

Have a read and see if you can recognise any of them in your business.

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Topics: Digital Transformation, Challenges, Change and Innovation

Digitalisation Will Make Most Banks Irrelevant by 2030 - Gartner

Posted by Anna Mielczarek on 06-Nov-2018 07:30:00

Traditional banks and insurance companies are facing extinction in the next 12 years due to increased digitisation in the financial services sector. 80 percent of traditional banks and financial services firms will be made irrelevant by 2030, and only 20 percent of traditional financial firms will remain as ‘winners’ according to a new research by Gartner.

These findings were presented to the audience on the 29th of October at Gartner Symposium/ITxpo 2018 on the Gold Coast, Australia by David Furlonger, vice president and distinguished analyst at Gartner.

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Topics: Digital Transformation, Challenges, Change and Innovation, Finance